Profit growth is aided by recoveries in key industries like oil refinery, power, chemicals and steel. FMTNews China Industry
Workers make optical lenses at a factory in central China’s Jiangxi province in February.
But the recovery has been uneven and demand at home and abroad remains sluggish amid concerns of a second wave of infections and a global recession. Futures prices for steel, which have surged this year on a government push for more infrastructure projects, fell last week as rising steel production and lean demand from downstream users stoked worries about oversupply.
For example, the oil refinery sector recorded a profit of 11.6 billion yuan in May, up 8.9% year-on-year, swinging from a loss of 21.8 billion yuan the previous month. Power sector profits grew 10.9% in May, compared with a decline of 15.7% in April.
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